Ameriprise is a well-known auto insurance carrier but it does not just sell auto insurance. It is a leader in the financial services industry and offers a full line of financial products through its subsidiaries including auto, home, life, health, disability, long-term care insurance, annuities and financial planning services. It is the largest financial planning company in the United States. The company sells its life insurance products through RiverSource Life Insurance. Ameriprise has been in business for over 100 years and services over 2 million customers.
Ameriprise was once a part of American Express but is now an independent company with assets of over $400 million and is listed as a Fortune 500 company. Ameriprise Financial's headquarters is in Minneapolis, Minnesota while the auto and home insurance operations have offices in Green Bay, Wisconsin and and Phoenix, Arizona.
While Ameriprise home and auto insurance may not be as highly advertised as some of the bigger companies such as Progressive or GEICO, it is a financially sound company who offers affordable auto and home insurance products. Although it has received overall customer satisfaction awards from J.D. Powers & Associates, there are some complaints about the overall claims service and slow payment of claims.
Ameriprise's auto insurance products are available in only 14 states: Alabama, Arkansas, Delaware, Hawaii, Idaho, Iowa, Kansas, Mississippi, Missouri, Nebraska, New Mexico, Oklahoma, South Dakota and Tennessee. The automobile policy term is for six months. A number of attractive discounts are available to auto insurance customers including:
- Safe Driving
- Auto Safety
- Good Student
One other attractive features is the ability to choose your own repair facility. Amerprise also offers accident forgiveness, flexible payment options and allows you to waive your deductible if you have your windshield repaired instead of replaced. The accident forgiveness is available at no extra charge and allows you to maintain your safe driving discount if you have had a clean driving records for at least three years before having an accident. The website also offers helpful tips for drivers including information about what to do if you are involved in an auto accident, tips for traveling with kids along with tips for driving in traffic.
Ratings & Awards
Ameriprise has won awards for its corporate volunteerism and was ranked fifth in overall customer satisfaction by J.D. Powers & Associates in 2009. The company has also won numerous employer awards as one of the best places to work and launch a career. Here is how the major insurance rating organizations rate Ameriprise:
- Standard & Poor's rating: A-
- Moody's rating: A3
- Fitch rating: A-
- Best Rating: A.M. Best rating: A (excellent)
Pros & Cons
There is a lot to like about Ameriprise auto insurance. The company is financially sound and offers many attractive discounts to customers. One unique discount is the loyalty or tenure discount. The longer you have your auto insurance with Ameriprise, the cheaper your premium is. Amerirpise does have its share of complaints, most seem to be in the area of claims processing and payments. The auto insurance is also only available in 14 states. While Ameriprise auto insurance may not be for everyone, it is an option worth considering.
- Well-established insurance company with strong financial ratings
- Attractive auto discounts including the tenure discount
- Affordable auto insurance rates
- Complaints about claims process and slow payment of claims
- Auto insurance is only available in 14 states